Tritax EuroBox’s dividend has been hiked 13.6%, as it continues to grow its portfolio of logistics assets in continental Europe.
The group reported strong half-year results to 31 March 2021 in which dividends declared in the period rose to 2.50 euro cents from 2.20 cents.
This was off the back of a jump in earnings – with basic earnings per share up 37.6% to 7.32 cents and adjusted earnings up 2.2% to 2.30 cents.
The group’s net asset value (NAV) increased to €1.22 from €1.19 in the period, due to a 3.4% rise in its portfolio value to €843.4m.
It was a busy period for the company, during which it raised €230m in an oversubscribed equity issue and attained investment grade credit rating from Fitch, which immediately reduced the cost of its current debt by 30 basis points and opened up new sources of financing.
The group bought a new property in Nivelles, Belgium for €31.2m and sold an asset in Lodz, Poland for €65.5m (15% above valuation).
Post period end, it purchased two newly-built assets in Germany for €290.9m (a scheme in Nuremburg let to a global sportswear manufacturer and retailer and a scheme in Lich let to online furniture retailer Wayfair) as it begins to invest the proceeds of the equity raise.
Robert Orr, chairman, said: “This was another positive period for the company, reflecting the growing maturity of the business, which was underpinned by the oversubscribed equity raise. We delivered a robust financial performance, supporting a growing dividend. We also continued to successfully implement all elements of our evolved strategy, which includes continued improvements to the sustainability criteria of our properties.
“The fundamentals of our market remain compelling, with the COVID-19 pandemic accelerating the growth of e-commerce, adding to already significant occupier demand for high-quality, large-scale and sustainable logistics space. The manager has identified a substantial pipeline of attractive opportunities that support our strategic goals. We expect to make further progress in the second half, as we carefully deploy the proceeds of March’s equity raise and look forward with confidence to the years ahead.“
EBOX : Tritax EuroBox hikes dividend 13.6% after positive performance